Western Asset Core Bond Fund, Western Asset Core Plus Bond Fund and Western Asset Inflation Indexed Plus Bond Fund (each a Fund), each a series of Western
Asset Funds, Inc. (the Registrant) (File Nos. 003-34929 and 811-06110)

Ladies and Gentlemen:

On behalf of the Registrant and pursuant to Rule 497(c) under the Securities Act of 1933, as amended, accompanying this letter for filing are exhibits
containing an XBRL interactive data file relating to the risk/return summary information that appears in each Funds Prospectus dated October 3, 2012 filed with the Securities and Exchange Commission on September 28, 2012 under Rule 497(c)
(Accession No. 0001193125-12-409310).

If you have any questions concerning this filing, please call me at (617) 951-7114.

Very truly yours,

/s/ Adam M. Schlichtmann

Adam M. Schlichtmann

Enclosures

EX-101.INS
2
wafi1-20120928.xml
XBRL INSTANCE DOCUMENT
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<div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesWesternAssetCoreBondFund column period compact * ~</div>
<font style="FONT-FAMILY: arial" color="#508541" size="2"><b>Example</b></font><div style="display:none">~ http://www.leggmason.com/role/ScheduleShareholderFeesWesternAssetCorePlusBondFund column period compact * ~</div>
8678616804346222522410.0948<font style="FONT-FAMILY: arial" color="#666666" size="6">Western Asset</font><br/><font style="FONT-FAMILY: arial" color="#508541" size="6">Core Bond<br/>Fund</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 141% of the average value of its portfolio.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class)</font>252291632417871686877<font style="FONT-FAMILY: arial" color="#666666" size="6">Western Asset</font><br/><font style="FONT-FAMILY: arial" color="#508541" size="6">Inflation Indexed<br/>Plus Bond<br/>Fund</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 50% of the average value of its portfolio.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class)</font>0.07827717666964755261861520.0817<font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result in higher taxes when shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the fund's performance. During the most recent fiscal year, the fund's portfolio turnover rate was 170% of the average value of its portfolio.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class)</font>0.0425000000506261226801154644<font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Shareholder fees </b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(paid directly from your investment)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Annual fund operating expenses </b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(expenses that you pay each year as a percentage of the value of<br>your investment)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b> (%)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC ("LMIS"), the fund's distributor.</font>100000<font style="FONT-FAMILY: ARIAL" color="#666666" size="1">"Other expenses" for Class A, Class C, Class C1 and Class R shares are estimated for the current fiscal year. Actual expenses may differ from estimates. </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund's performance with the average annual total returns of an index or other benchmark.</font>0.0425000000508263227117534677<font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Shareholder fees</b></font> <font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(paid directly from your investment)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Annual fund operating expenses</b></font> <font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(expenses that you pay each year as a percentage of the value of <br/> your investment)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b> (%)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC ("LMIS"), the fund's distributor.</font>100000<font style="FONT-FAMILY: ARIAL" color="#666666" size="2">"Other expenses" for Class A, Class C, Class C1 and Class R shares are estimated for the current fiscal year. Actual expenses may differ from estimates.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund's performance with the average annual total returns of an index or other benchmark.</font>0.0425000000489243129187973428<div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesWesternAssetInflationIndexedPlusBondFund column period compact * ~</div>
<div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesWesternAssetCoreBondFund column period compact * ~</div>
<font style="FONT-FAMILY: arial" color="#666666" size="6">Western Asset</font><br/><font style="FONT-FAMILY: arial" color="#508541" size="6">Core Plus<br/>Bond Fund</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Shareholder fees </b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(paid directly from your investment)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Annual fund operating expenses </b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(expenses that you pay each year as a percentage of the value of<br>your investment)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1"> (%)</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC ("LMIS"), the fund's distributor.</font>100000<font style="FONT-FAMILY: ARIAL" color="#666666" size="1">"Other expenses" for Class A, Class C, Class C1 and Class R shares are estimated for the current fiscal year. Actual expenses may differ from estimates.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund's performance with the average annual total returns of an index or other benchmark.</font><div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualFundOperatingExpensesWesternAssetCorePlusBondFund column period compact * ~</div>
0.010.0100000OtherWESTERN ASSET FUNDS INC67949939325035914413850616112680115464414081879150013749675675430.08682002-01-082008-08-04<font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC ("LMIS"), the fund's distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 29 under the heading "Sales charges" and in the fund's statement of additional information ("SAI") on page 75 under the heading "Sales Charge Waivers and Reductions."</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:</font><ul type="square"><li style="margin-left:-20px"><blockquote><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You invest $10,000 in the fund for the time periods indicated</font></blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Your investment has a 5% return each year and the fund's operating expenses remain the same</font></blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You reinvest all distributions and dividends without a sales charge</font></blockquote></li></ul><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Principal investment strategies </font><font style="FONT-FAMILY: arial" color="#666666" size="1">Calendar Years ended December 31</font><br/><br/><font size="1" color="#666666" style="font-family: ARIAL; ">Best quarter</font><br/><font size="1" color="#666666" style="font-family: ARIAL; ">(06/30/2009): 12.99</font><br/><br/><font size="1" color="#666666" style="font-family: ARIAL; ">Worst quarter</font><br/><font size="1" color="#666666" style="font-family: ARIAL; ">(09/30/2008): (5.41)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Average annual total returns </b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(for periods ended December 31, 2011)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b> (%)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The after-tax returns are shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I.</font>1-877-721-1926<font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font>00.010.010000685505240167365396144<font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC ("LMIS"), the fund's distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 30 under the heading "Sales charges" and in the fund's statement of additional information ("SAI") on page 70 under the heading "Sales Charge Waivers and Reductions."</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:</font><ul type="square"><li style="margin-left:-20px"><blockquote><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You invest $10,000 in the fund for the time periods indicated</font></blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Your investment has a 5% return each year and the fund's operating expenses remain the same</font></blockquote></li></ul><ul type="square"><li style="margin-left:-20px"><blockquote><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You reinvest all distributions and dividends without a sales charge</font></blockquote></li></ul><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be: </font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Principal investment strategies</font><font style="FONT-FAMILY: arial" color="#666666" size="1">Calendar Years ended December 31</font><br/><br/><font size="1" color="#666666" style="font-family: ARIAL; ">Best quarter</font><br/><font size="1" color="#666666" style="font-family: ARIAL; ">(09/30/2002): 8.00</font><br/><br/><font size="1" color="#666666" style="font-family: ARIAL; ">Worst quarter</font><br/><font size="1" color="#666666" style="font-family: ARIAL; ">(09/30/2008): (5.36)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Average annual total returns</b></font> <font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(for periods ended December 31, 2011)</font> <font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>(%)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The after-tax returns are shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I.</font>50816377117465312765213981511190114309305671-877-721-1926<font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font>0.087400.0100000-0.00016244444022733031062008-08-29489143129187973428120016801532105911674183430.16272007-06-282008-12-18<div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualTotalReturnsWesternAssetInflationIndexedPlusBondFundBarChart column period compact * ~</div>
<div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualTotalReturnsWesternAssetCoreBondFundBarChart column period compact * ~</div>
2012-09-28<font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The accompanying table describes the fees and expenses that you may pay if you buy and hold shares of the fund.<br /><br />You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in funds sold by Legg Mason Investor Services, LLC ("LMIS"), the fund's distributor. More information about these and other discounts is available from your financial intermediary, in this Prospectus on page 29 under the heading "Sales charges" and in the fund's statement of additional information ("SAI") on page 70 under the heading "Sales Charge Waivers and Reductions."</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Principal investment strategies </font><font style="FONT-FAMILY: arial" color="#666666" size="1">Calendar Years ended December 31</font><br/><br/><font size="1" color="#666666" style="font-family: ARIAL; ">Best quarter</font><br/><font size="1" color="#666666" style="font-family: ARIAL; ">(06/30/2009): 11.18</font><br/><br/><font size="1" color="#666666" style="font-family: ARIAL; ">Worst quarter</font><br/><font size="1" color="#666666" style="font-family: ARIAL; ">(12/31/2008): (3.73)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Average annual total returns </b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(for periods ended December 31, 2011)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b> (%)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The after-tax returns are shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts. After-tax returns for classes other than Class I will vary from returns shown for Class I.</font>1-877-721-1926<font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.</font><div style="display:none">~ http://www.leggmason.com/role/ScheduleAnnualTotalReturnsWesternAssetCorePlusBondFundBarChart column period compact * ~</div>
<font style="FONT-FAMILY: ARIAL" color="#666666" size="2">This example is intended to help you compare the cost of investing in the fund with the cost of investing in other mutual funds. The example assumes:</font><ul type="square"><li style="margin-left:-20px"><blockquote><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You invest $10,000 in the fund for the time periods indicated</font></blockquote></li><li style="margin-left:-20px"><blockquote><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Your investment has a 5% return each year and the fund's operating expenses remain the same</font></blockquote></li><li style="margin-left:-20px"><blockquote><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You reinvest all distributions and dividends without a sales charge</font></blockquote></li></ul><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Although your actual costs may be higher or lower, based on these assumptions your costs would be:</font>15151500002012-10-030000863520false2011-12-310.0040.0040.00250.010.0070.005000.00250.00180.00180.00140.00130.00230.00050.00030.00830.01580.01240.00780.01130.00450.00436794993932501443591380.07540.02240.0257-0.09780.2620.11970.06720.06720.05430.04340.06370.06650.07840.06910.04860.04710.05780.06570.1127<font style="FONT-FAMILY: arial" color="#508541" size="6">Investment objective </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="3">Maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified below. </font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Fees and expenses of the fund </font><font style="FONT-FAMILY: arial" color="#508541" size="2"><b>Portfolio turnover.</b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Number of years you own your shares ($)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least 80% of its net assets in debt and fixed income securities. Although the fund may invest in debt and fixed income securities of any maturity, under normal market conditions the target dollar-weighted average effective duration for the fund is expected to range within 20% of the average duration of the domestic bond market as a whole as estimated by the fund's subadviser (generally, this range is 3&#8211;7 years). Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund presently intends to limit its investments to U.S. dollar denominated securities and currently anticipates that it will generally only purchase debt securities that are rated Baa or BBB or above at the time of purchase by one or more Nationally Recognized Statistical Rating Organizations ("NRSROs") or unrated securities of comparable quality at the time of purchase (as determined by the subadviser). These securities are known as "investment grade securities." The fund may invest up to 25% of its total assets in the securities of non-U.S. issuers. </font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund may also enter into various derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, futures, options, swaps and forwards. </font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">In particular, the fund may use interest rate swaps, credit default swaps (on individual securities and/or baskets of securities), futures contracts and/or mortgage-backed securities to a significant extent, although the amounts invested in these instruments may change from time to time. Other instruments may also be used to a significant extent from time to time. </font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Certain risks </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Risk is inherent in all investing. There is no assurance that the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the fund.</font><br/><br/><font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Market and interest rate risk.</strong> </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment will go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support could also negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the U.S. is changing many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be fully known for some time.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Credit risk.</strong> </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">If an issuer or guarantor of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Junk bonds have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Derivatives risk.</strong> </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Using derivatives can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</font><br/><br/> <font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Credit default swap contracts involve special risks and may result in losses to the fund. Credit default swaps may be illiquid and difficult to value, and they increase credit risk since the fund has exposure to both the issuer whose credit is the subject of the swap and the counterparty to the swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the fund.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Leveraging risk.</strong></font> <font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The value of your investment may be more volatile if the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund's portfolio. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Liquidity risk. </strong></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Foreign securities and emerging market risk. </strong></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Foreign securities are subject to a number of additional risks, including nationalization or expropriation of assets, imposition of currency controls or restrictions, confiscatory taxation, political or financial instability and other adverse economic or political developments. Lack of information and less market regulation also create increased risk. Risks are greater for investments in emerging markets. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more advanced countries. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Risk of increase in expenses.</strong> </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Your actual costs of investing in the fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expense ratios may be higher than those shown if a fee limitation is changed or terminated or if average net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Prepayment or call risk.</strong></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund may also lose any premium it paid on the security.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Extension risk.</strong></font> <font style="FONT-FAMILY: ARIAL" color="#666666" size="2">If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. Since changes in interest rates have a greater effect on the prices of longer-term securities, this extension in the securities' effective maturity magnifies the price decline caused by the increase in interest rates.</font><br/><br/><font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Risk of investing in fewer issuers.</strong></font> <font style="FONT-FAMILY: ARIAL" color="#666666" size="2">To the extent the fund invests its assets in a small number of issuers, the fund will be more susceptible to negative events affecting those issuers.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Valuation risk.</strong></font> <font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued the security or had used a different valuation methodology.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Cash management and defensive investing risk. </strong></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Money market instruments or short-term debt securities held by the fund for cash management or defensive investing purposes can fluctuate in value. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. In that case the fund would not earn income on the cash and the fund's yield would go down. If a significant amount of the fund's assets are used for cash management or defensive investing purposes, it will be more difficult for the fund to achieve its objective.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Hedging risk.</strong> </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">There can be no assurance that the fund will engage in hedging transactions at any given time, even under volatile market conditions, or that any hedging transactions the fund engages in will be successful. Hedging transactions involve costs and may reduce gains or result in losses.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Risks relating to inflation-indexed securities.</strong> </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The value of inflation-indexed fixed income securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed securities. The fund may also experience a loss on an inflation-indexed security if there is deflation. If inflation is lower than expected during the period the fund holds an inflation-indexed security, the fund may earn less on the security than on a conventional bond.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Special risks of mortgage-backed and asset-backed securities.</strong></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Mortgage-backed securities represent an interest in a pool of mortgages. The rate of mortgage prepayments may lengthen the effective maturity of these securities at a time when their value has declined or shorten the effective maturity of these securities at a time their value has increased. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. Investments in asset-backed securities are subject to similar risks.</font><br/><br/> <font style="FONT-FAMILY: arial" color="#508541" size="2"><strong>Portfolio selection risk.</strong> </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The value of your investment may decrease if the portfolio managers' judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect.</font><br/><br/> <font style="FONT-FAMILY: ARIAL" color="#666666" size="2">These and other risks are discussed in more detail later in this Prospectus or in the Statement of Additional Information ("SAI").</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Performance </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund's performance with the average annual total returns of an index or other benchmark. No performance information is presented for Class A, Class C, Class C1 or Class R shares because these share classes have not yet commenced operations as of the date of this Prospectus. The returns for Class A, Class C, Class C1 and Class R shares would differ from those of Class I shares to the extent Class A, Class C, Class C1 or Class R shares bear different expenses. The fund makes updated performance information available at the fund's website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"><em>The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </em></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Total returns </b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(before taxes)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b> (%)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">No performance information is presented for Class A, Class C, Class C1 or Class R shares because these share classes have not yet commenced operations as of the date of this Prospectus.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"><em>The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </em> </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The after-tax returns are shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">After-tax returns for classes other than Class I will vary from returns shown for Class I.</font><font size="1" color="#666666" style="font-family: ARIAL; ">Best quarter</font>2009-06-300.1299<font size="1" color="#666666" style="font-family: ARIAL; ">Worst quarter</font>2008-09-3015151500000.00250.010.0070.00250.005000.00180.00180.00140.00080.00230.0010.00030.00850.0160.01250.00750.01150.00520.0045<font style="FONT-FAMILY: arial" color="#508541" size="6">Investment objective</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="3">Maximize total return, consistent with preservation of capital.</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Fees and expenses of the fund</font><font style="FONT-FAMILY: arial" color="#508541" size="2"><b>Portfolio Turnover.</b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Number of years you own your shares</b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b> ($)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Under normal market conditions, the fund invests at least 80% of its net assets in inflation-indexed fixed income securities and at least 70% of its net assets in U.S. Treasury Inflation Protected Securities.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The subadvisers use fundamental investment techniques to select issues. Although the fund may invest in securities of any maturity, the fund will normally maintain a dollar-weighted average effective duration, as estimated by the fund's subadvisers, within 3 years of that of its benchmark, the Barclays Capital U.S. TIPS Index. Therefore, the range within which the dollar-weighted average effective duration of the fund is expected to fluctuate is 6&#8211;12 years, although this may vary. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund intends to sell protection in connection with credit default swaps relating to corporate debt securities. It is currently expected that the notional amount of the credit default swaps will not exceed 40% of the fund's net assets, although such exposure may exceed 40% from time to time.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund is expected to maintain a dollar-weighted average credit quality of at least A/A.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">In addition, under normal market conditions, at the time of purchase:</font><ul type="square"><li style="margin-right:-20px"><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no more than 20% of the fund's net assets may be invested in non-U.S. dollar denominated inflation-indexed securities</font></li></ul><ul type="square"><li style="margin-right:-20px"><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no more than 10% of the fund's net assets may be invested in un-hedged non-U.S. dollar denominated securities</font></li></ul><ul type="square"><li style="margin-right:-20px"><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no more than 20% of the fund's net assets may be invested in a combination of securities rated below investment grade, emerging market securities and loan participations and assignments</font></li></ul><ul type="square"><li style="margin-right:-20px"><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no more than 10% of the fund's net assets may be invested in securities rated below investment grade</font></li></ul><ul type="square"><li style="margin-right:-20px"><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no more than 10% of the fund's net assets may be invested in emerging market securities</font></li></ul><ul type="square"><li style="margin-right:-20px"><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;no more than 10% of the fund's net assets may be invested in loan participations and assignments</font></li></ul><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund considers a security to be rated below investment grade if it is not rated Baa/BBB or above by at least one Nationally Recognized Statistical Rating Organization ("NRSRO") or is unrated and of comparable quality as determined by the subadvisers. Securities rated below investment grade are commonly known as "junk bonds" or "high yield securities."</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund may also enter into various derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, futures, options, swaps and forwards.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">In particular, the fund may use interest rate swaps, credit default swaps (on individual securities and/or baskets of securities), futures contracts and/or mortgage-backed securities to a significant extent, although the amounts invested in these instruments may change from time to time. Other instruments may also be used to a significant extent from time to time.</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Certain risks</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Risk is inherent in all investing. There is no assurance that the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the fund.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Market and interest rate risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment will go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support could also negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the U.S. is changing many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be fully known for some time.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Credit risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> If an issuer or guarantor of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Junk bonds have a higher risk of default and are considered speculative. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Derivatives risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Using derivatives can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">Credit default swap contracts involve special risks and may result in losses to the fund. Credit default swaps may be illiquid and difficult to value, and they increase credit risk since the fund has exposure to both the issuer whose credit is the subject of the swap and the counterparty to the swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the fund.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Leveraging risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The value of your investment may be more volatile if the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund's portfolio. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Liquidity risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Foreign securities and emerging market risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Foreign securities are subject to a number of additional risks, including nationalization or expropriation of assets, imposition of currency controls or restrictions, confiscatory taxation, political or financial instability and other adverse economic or political developments. Lack of information and less market regulation also create increased risk. Risks are greater for investments in emerging markets. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more advanced countries. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Currency risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Risk of increase in expenses.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Your actual costs of investing in the fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expense ratios may be higher than those shown if a fee limitation is changed or terminated or if average net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Prepayment or call risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund may also lose any premium it paid on the security.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Extension risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. Since changes in interest rates have a greater effect on the prices of longer-term securities, this extension in the securities' effective maturity magnifies the price decline caused by the increase in interest rates.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Risk of investing in fewer issuers.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> To the extent the fund invests its assets in a small number of issuers, the fund will be more susceptible to negative events affecting those issuers.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Valuation risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued the security or had used a different valuation methodology.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Cash management and defensive investing risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Money market instruments or short-term debt securities held by the fund for cash management or defensive investing purposes can fluctuate in value. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. In that case the fund would not earn income on the cash and the fund's yield would go down. If a significant amount of the fund's assets are used for cash management or defensive investing purposes, it will be more difficult for the fund to achieve its objective.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Hedging risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> There can be no assurance that the fund will engage in hedging transactions at any given time, even under volatile market conditions, or that any hedging transactions the fund engages in will be successful. Hedging transactions involve costs and may reduce gains or result in losses.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Risks relating to inflation-indexed securities.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The value of inflation-indexed fixed income securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed securities. The fund may also experience a loss on an inflation-indexed security if there is deflation. If inflation is lower than expected during the period the fund holds an inflation-indexed security, the fund may earn less on the security than on a conventional bond.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Special risks of mortgage-backed and asset-backed securities.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Mortgage-backed securities represent an interest in a pool of mortgages. The rate of mortgage prepayments may lengthen the effective maturity of these securities at a time when their value has declined or shorten the effective maturity of these securities at a time their value has increased. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. Investments in asset-backed securities are subject to similar risks.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Portfolio selection risk.</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The value of your investment may decrease if the portfolio managers' judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">These and other risks are discussed in more detail later in this Prospectus or in the Statement of Additional Information ("SAI"). </font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Performance</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund's performance with the average annual total returns of an index or other benchmark. No performance information is presented for Class A, Class C, Class C1 or Class R shares because these share classes have not yet commenced operations as of the date of this Prospectus. The returns for Class A, Class C, Class C1 and Class R shares would differ from those of Class I shares to the extent Class A, Class C, Class C1 or Class R shares bear different expenses. The fund makes updated performance information available at the fund's website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926.</font><br/><br/><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"><i>The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.</i></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Total returns </b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(before taxes)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b> (%)</b></font>December 31, 2013685505396365167240144<font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">No performance information is presented for Class A, Class C, Class C1 or Class R shares because these share classes have not yet commenced operations as of the date of this Prospectus.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"><i>The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.</i></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The after-tax returns are shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">After-tax returns for classes other than Class I will vary from returns shown for Class I.</font>0.05290.01910.0173-0.10810.23680.1220.07380.00250.010.00750.00250.005000.0020.0020.00320.00410.00250.00130.00070.00650.0140.01270.00860.00950.00330.00270.00650.0140.01270.00850.00950.00330.0027870.07380.06140.04780.07240.07460.07840.0610.0420.04090.05820.0578624444402273303106870.08450.02730.102-0.04040.12860.05670.12810.12810.08270.11330.12290.12760.13560.07320.0550.05250.07570.07580.0995<div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedWesternAssetInflationIndexedPlusBondFund column period compact * ~</div>
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<font size="1" color="#666666" style="font-family: ARIAL; ">Best quarter</font>2002-09-300.08<font size="1" color="#666666" style="font-family: ARIAL; ">Worst quarter</font>2008-09-302012-09-28<font style="FONT-FAMILY: arial" color="#508541" size="6">Investment objective </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="3">Maximize total return, consistent with prudent investment management and liquidity needs, by investing to obtain the average duration specified below.</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Fees and expenses of the fund </font><font style="FONT-FAMILY: arial" color="#508541" size="2"><b>Portfolio turnover.</b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Number of years you own your shares ($)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The fund invests in a portfolio of fixed income securities of various maturities and, under normal market conditions, will invest at least 80% of its net assets in debt and fixed income securities. Although the fund may invest in securities of any maturity, the fund will normally maintain a dollar-weighted average effective duration within 30% of the average duration of the domestic bond market as a whole as estimated by the fund's subadvisers (generally, this range is 2.5-7 years). Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).<br /><br />The fund may invest up to 20% of its total assets in non-U.S. dollar denominated securities. Up to 20% of the fund's net assets may be invested in debt securities that are not rated Baa or BBB or above at the time of purchase by one or more Nationally Recognized Statistical Rating Organizations ("NRSROs") or, if unrated, securities of comparable quality at the time of purchase (as determined by the subadvisers). Securities rated Baa or BBB or above by one or more NRSROs or unrated securities of comparable quality are known as "investment grade securities." Securities rated below investment grade are commonly known as "junk bonds" or "high yield securities." The fund may invest up to 25% of its total assets in the securities of non-U.S. issuers.<br /><br />The fund may also enter into various derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions include, but are not limited to, futures, options, swaps and forwards.<br /><br />In particular, the fund may use interest rate swaps, credit default swaps (on individual securities and/or baskets of securities), futures contracts and/or mortgage-backed securities to a significant extent, although the amounts invested in these instruments may change from time to time. Other instruments may also be used to a significant extent from time to time.</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Certain risks </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Risk is inherent in all investing. There is no assurance that the fund will meet its investment objective. The value of your investment in the fund, as well as the amount of return you receive on your investment, may fluctuate significantly. You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments. The following is a summary description of certain risks of investing in the fund.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Market and interest rate risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The market prices of the fund's securities may go up or down, sometimes rapidly or unpredictably, due to general market conditions, such as real or perceived adverse economic or political conditions, inflation, changes in interest rates, lack of liquidity in the bond markets or adverse investor sentiment. When market prices fall, the value of your investment will go down. The value of your investment may also go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration securities. The financial crisis that began in 2008 has caused a significant decline in the value and liquidity of many securities. In response to the crisis, the U.S. and other governments and the Federal Reserve and certain foreign central banks have taken steps to support financial markets. The withdrawal of this support could also negatively affect the value and liquidity of certain securities. In addition, legislation recently enacted in the U.S. is changing many aspects of financial regulation. The impact of the legislation on the markets, and the practical implications for market participants, may not be fully known for some time.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Credit risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> If an issuer or guarantor of a security held by the fund or a counterparty to a financial contract with the fund defaults or is downgraded, or is perceived to be less creditworthy, or if the value of the assets underlying a security declines, the value of your investment will typically decline. Junk bonds are considered speculative, have a higher risk of default, tend to be less liquid and are more difficult to value than higher grade securities. Junk bonds tend to be volatile and more susceptible to adverse events and negative sentiments. Subordinated securities are more likely to suffer a credit loss than non-subordinated securities of the same issuer and will be disproportionately affected by a default, downgrade or perceived decline in creditworthiness.</font><br/><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Derivatives risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Using derivatives can increase fund losses and reduce opportunities for gains when market prices, interest rates or the derivative instruments themselves behave in a way not anticipated by the fund. Using derivatives also can have a leveraging effect and increase fund volatility. Derivatives may be difficult to sell, unwind or value, and the counterparty may default on its obligations to the fund. Recent legislation calls for new regulation of the derivatives markets. The extent and impact of the regulation are not yet fully known and may not be for some time. New regulation of derivatives may make them more costly, may limit their availability, or may otherwise adversely affect their value or performance.<br /><br /> Credit default swap contracts involve special risks and may result in losses to the fund. Credit default swaps may be illiquid and difficult to value, and they increase credit risk since the fund has exposure to both the issuer whose credit is the subject of the swap and the counterparty to the swap. Swaps may be difficult to unwind or terminate. The swap market could be disrupted or limited as a result of recent legislation, and these changes could adversely affect the fund.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Leveraging risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The value of your investment may be more volatile if the fund borrows or uses derivatives or other investments that have a leveraging effect on the fund's portfolio. Other risks also will be compounded. This is because leverage generally magnifies the effect of a change in the value of an asset and creates a risk of loss of value on a larger pool of assets than the fund would otherwise have had. The fund may also have to sell assets at inopportune times to satisfy its obligations.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Liquidity risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Some securities held by the fund may be difficult to sell, or illiquid, particularly during times of market turmoil. Illiquid securities may also be difficult to value. If the fund is forced to sell an illiquid asset to meet redemption requests or other cash needs, the fund may be forced to sell at a loss.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Foreign securities and emerging market risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Foreign securities are subject to a number of additional risks, including nationalization or expropriation of assets, imposition of currency controls or restrictions, confiscatory taxation, political or financial instability and other adverse economic or political developments. Lack of information and less market regulation also create increased risk. Risks are greater for investments in emerging markets. Emerging market countries tend to have economic, political and legal systems that are less fully developed and are less stable than those of more advanced countries. Low trading volumes may result in a lack of liquidity and in extreme price volatility.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Currency risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The value of investments in securities denominated in foreign currencies increases or decreases as the rates of exchange between those currencies and the U.S. dollar change. Currency exchange rates can be volatile, and are affected by factors such as general economic conditions, the actions of the U.S. and foreign governments or central banks, the imposition of currency controls and speculation.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Risk of increase in expenses.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Your actual costs of investing in the fund may be higher than the expenses shown in "Annual fund operating expenses" for a variety of reasons. For example, expense ratios may be higher than those shown if a fee limitation is changed or terminated or if average net assets decrease. Net assets are more likely to decrease and fund expense ratios are more likely to increase when markets are volatile.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Prepayment or call risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Many issuers have a right to prepay their securities. If interest rates fall, an issuer may exercise this right. If this happens, the fund will be forced to reinvest prepayment proceeds at a time when yields on securities available in the market are lower than the yield on the prepaid security. The fund may also lose any premium it paid on the security.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Extension risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> If interest rates rise, repayments of fixed income securities may occur more slowly than anticipated by the market. Since changes in interest rates have a greater effect on the prices of longer-term securities, this extension in the securities' effective maturity magnifies the price decline caused by the increase in interest rates.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Risk of investing in fewer issuers.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> To the extent the fund invests its assets in a small number of issuers, the fund will be more susceptible to negative events affecting those issuers.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Valuation risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The sales price the fund could receive for any particular portfolio investment may differ from the fund's valuation of the investment, particularly for securities that trade in thin or volatile markets or that are valued using a fair value methodology. Investors who purchase or redeem fund shares on days when the fund is holding fair-valued securities may receive fewer or more shares or lower or higher redemption proceeds than they would have received if the fund had not fair-valued the security or had used a different valuation methodology.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Cash management and defensive investing risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Money market instruments or short-term debt securities held by the fund for cash management or defensive investing purposes can fluctuate in value. Like other fixed income securities, they are subject to risk, including market, interest rate and credit risk. If the fund holds cash uninvested it will be subject to the credit risk of the depository institution holding the cash. In that case the fund would not earn income on the cash and the fund's yield would go down. If a significant amount of the fund's assets are used for cash management or defensive investing purposes, it will be more difficult for the fund to achieve its objective.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Hedging risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> There can be no assurance that the fund will engage in hedging transactions at any given time, even under volatile market conditions, or that any hedging transactions the fund engages in will be successful. Hedging transactions involve costs and may reduce gains or result in losses.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Risks relating to inflation-indexed securities.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The value of inflation-indexed fixed income securities generally fluctuates in response to changes in real interest rates, which are in turn tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed securities. The fund may also experience a loss on an inflation-indexed security if there is deflation. If inflation is lower than expected during the period the fund holds an inflation-indexed security, the fund may earn less on the security than on a conventional bond.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Special risks of mortgage-backed and asset-backed securities.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> Mortgage-backed securities represent an interest in a pool of mortgages. The rate of mortgage prepayments may lengthen the effective maturity of these securities at a time when their value has declined or shorten the effective maturity of these securities at a time their value has increased. Mortgage-backed securities are also subject to the risk that underlying borrowers will be unable to meet their obligations. Investments in asset-backed securities are subject to similar risks.</font><br /><br /> <strong><font style="FONT-FAMILY: arial" color="#508541" size="2">Portfolio selection risk.</font></strong><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> The value of your investment may decrease if the portfolio managers' judgment about the quality, relative yield, value or market trends affecting a particular security, industry, sector or region, or about interest rates, is incorrect.<br/><br/> These and other risks are discussed in more detail later in this Prospectus or in the Statement of Additional Information ("SAI").</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="6">Performance </font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The accompanying bar chart and table provide some indication of the risks of investing in the fund. The bar chart shows changes in the fund's performance from year to year for Class I shares. The table shows the average annual total returns of each class of the fund that has been in operation for at least one full calendar year and also compares the fund's performance with the average annual total returns of an index or other benchmark. No performance information is presented for Class A, Class C, Class C1 or Class R shares because these share classes have not yet commenced operations as of the date of this Prospectus. The returns for Class A, Class C, Class C1 and Class R shares would differ from those of Class I shares to the extent Class A, Class C, Class C1 or Class R shares bear different expenses. The fund makes updated performance information available at the fund's website, http://www.leggmason.com/individualinvestors/products/mutual-funds/annualized_performance (select share class), or by calling the fund at 1-877-721-1926.<br /><br /><em>The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future. </em></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b>Total returns </b></font><font style="FONT-FAMILY: ARIAL" color="#508541" size="1">(before taxes)</font><font style="FONT-FAMILY: ARIAL" color="#508541" size="2"><b> (%)</b></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">You may lose part or all of your investment in the fund or your investment may not perform as well as other similar investments.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">No performance information is presented for Class A, Class C, Class C1 or Class R shares because these share classes have not yet commenced operations as of the date of this Prospectus.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"><em>The fund's past performance (before and after taxes) is not necessarily an indication of how the fund will perform in the future.</em></font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2">The after-tax returns are shown only for Class I shares, are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</font><font style="FONT-FAMILY: ARIAL" color="#666666" size="2"> After-tax returns for classes other than Class I will vary from returns shown for Class I.</font><div style="display:none">~ http://www.leggmason.com/role/ScheduleExpenseExampleTransposedWesternAssetCorePlusBondFund column period compact * ~</div>
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<font style="FONT-FAMILY: arial" color="#666666" size="1">Best quarter</font>2009-06-300.1118<font style="FONT-FAMILY: arial" color="#666666" size="1">Worst quarter</font>2008-12-310.0040.0040.0040.0040.00414081879150096713745675430.06810.0690.04830.04640.06610.0651.41-0.05410.00420.00420.00410.00420.00420.00420.004256765293015111430190113980.50.06240.0020.0020.0020.0020.0020.0020.002120016801532105911674183430.06220.04340.04170.05970.0650.01710.0730.05810.05380.0795-0.05361.7-0.0373If your shares are held in a direct account and the value of your account is below $1,000 ($250 for retirement plans that are not employer-sponsored), the fund may charge you a fee of $3.75 per account that is determined and assessed quarterly (with an annual maximum of $15.00 per account). Direct accounts generally include accounts held in the name of the individual investor on the fund's books and records.The 12b-1 fee shown in the table reflects the amount to which the Board of Directors (the "Board") has currently limited payments under the fund's Class FI Distribution Plan. Pursuant to the Class FI Distribution Plan, the Board may authorize payment of up to 0.40% of average net assets attributable to the fund's Class FI shares without shareholder approval."Other expenses" for Class A, Class C, Class C1 and Class R shares are estimated for the current fiscal year. Actual expenses may differ from estimates.For the period January 8, 2002 (commencement of operations) to December 31, 2011, the average annual return for the Barclays Capital U.S. Aggregate Index was 5.76%.N/A For the period August 4, 2008 (commencement of operations) to December 31, 2011, the average annual return for the Barclays Capital U.S. Aggregate Index was 7.23%.Generally,The manager has agreed to waive fees and/or reimburse operating expenses (other than interest, brokerage commissions, taxes, extraordinary expenses and deferred organizational expenses), so that total annual operating expenses are not expected to exceed 0.90%, 1.65%, 1.40%, 0.85% and 1.15% for Class A, C, C1, FI and R shares, respectively. These arrangements cannot be terminated prior to December 31, 2013 without the Board's consent. The manager is permitted to recapture amounts waived or reimbursed to a class within three years after the day on which the manager earned the fee or incurred the expense if the class's total annual operating expenses have fallen to a level below the limit in effect at the time of the waiver or reimbursement and any limit in effect at the time recapture is sought.For the period June 28, 2007 (commencement of operations) to December 31, 2011, the average annual return for the Barclays Capital U.S. TIPS Index was 8.58%.For the period December 18, 2008 (commencement of operations) to December 31, 2011, the average annual return for the Barclays Capital U.S. TIPS Index was 9.25%.For the period August 29, 2008 (commencement of operations) to December 31, 2011, the average annual return of the Barclays Capital U.S. Aggregate Index was 7.06%.EX-101.SCH
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wafi1-20120928_cal.xml
XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
EX-101.DEF
5
wafi1-20120928_def.xml
XBRL TAXONOMY EXTENSION DEFINITION LINKBASE
EX-101.LAB
6
wafi1-20120928_lab.xml
XBRL TAXONOMY EXTENSION LABEL LINKBASE
Prospectus:Risk/Return:Document TypeDocument Period End DateRegistrant NameCentral Index KeyAmendment FlagAmendment DescriptionTrading SymbolDocument Creation DateDocument Effective DateProspectus DateDocument [Axis]ProspectusPerformance Measure [Axis]Before TaxesAfter Taxes on Distributions and SalesReturn after taxes on distributions and sale of fund sharesAfter Taxes on DistributionsReturn after taxes on distributionsSeries [Axis]SeriesS000000713 [Member]Western Asset Core Bond FundWestern Asset Core Bond Fund MemberShare Class [Axis]Share ClassesC000113701 [Member]Class ACLASS A,Western Asset Core Bond Fund MemberC000113702 [Member]Class CCLASS C,Western Asset Core Bond Fund MemberC000117034 [Member]Class C1Class C1,Western Asset Core Bond Fund MemberC000002080 [Member]Class FIClass FI,Western Asset Core Bond Fund MemberC000002079 [Member]Class IClass I,Western Asset Core Bond Fund MemberC000066988 [Member]Class ISClass IS,Western Asset Core Bond Fund MemberC000113703 [Member]Class RCLASS R,Western Asset Core Bond Fund MemberRisk/Return [Heading]Objective [Heading]Objective, Primary [Text Block]Objective, Secondary [Text Block]Expense [Heading]Expense Narrative [Text Block]Shareholder Fees Caption [Text]Shareholder Fees [Table]Operating Expenses Caption [Text]Annual Fund Operating Expenses [Table]Expense Footnotes [Text Block]Expenses Deferred Charges [Text Block]Expenses Range of Exchange Fees [Text Block]Expense Example [Heading]Expense Example by Year [Heading]Expense Example Narrative [Text Block]Expense Example by, Year, Caption [Text]Expense Example, With Redemption [Table]Expense Example, No Redemption Narrative [Text Block]Expense Example, No Redemption, By Year, Caption [Text]Expense Example, No Redemption [Table]Expense Example Footnotes [Text Block]Expense Example Closing [Text Block]Portfolio Turnover [Heading]Portfolio Turnover [Text Block]Strategy [Heading]Strategy Narrative [Text Block]Risk [Heading]Risk Narrative [Text Block]Risk Footnotes [Text Block]Risk Closing [Text Block]Bar Chart and Performance Table [Heading]Performance Narrative [Text Block]Bar Chart Narrative [Text Block]Bar Chart [Heading]Bar Chart [Table]